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NEW ORLEANS, May 16, 2023 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 30, 2023 to file lead plaintiff applications in a securities class action lawsuit against Target Corporation (NYSE: TGT), if they purchased the Company’s shares between August 18, 2021 and May 17, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Minnesota.
What You May Do
If you purchased shares of Target and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-tgt/ to learn more. If you wish to serve as a lead plaintiff in the class action, you must petition the Court by May 30, 2023.
About the Lawsuit
Target and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 18, 2022, the Company announced its Q1 2022 financial results, disclosing among other things, a decrease in operating income to $1.3 billion from $2.4 billion in the prior year, a 40% drop in adjusted earnings, and a decrease in gross margin of nearly 4.3%, with approximately 3% of that due to “the combined impact of impairments, markdowns, and other actions taken to rightsize our inventory position in categories that were too heavy,” as well as a decrease in full-year 2022 operating margin guidance to “a range centered around 6%” from a margin rate of 8% or higher.
On this news, shares of Target plummeted nearly 25% or $53.67 per share, or from a closing price of $215.28 per share on May 17, 2022, to a closing price of $161.61 per share on May 18, 2022.
The case is Perez v. Target Corporation, et al., No. 23-cv-00769.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit http://ksfcounsel.com/.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163